General Growth rejects Ackman's sales call

The board of General Growth Properties Inc. on Monday rejected activist investor Bill Ackman's call for the company to consider selling itself, saying its shareholders would be best served by the company sticking to its current business plan.

"After reviewing your letters and giving the matters you raised serious consideration, the Board has unanimously determined that the best value for all shareholders will be achieved by GGP continuing to execute on its well-conceived business plan," the board said in letter to Ackman contained in a filing with the U.S. Securities and Exchange Commission.